Two Brits arrested re HSBC Swiss Bank Accounts

Two British taxpayers have been arrested by the taxman on suspicion of using Swiss bank accounts at HSBC bank to evade tax. HMRC’s criminal investigation team made the arrests late last year, according to a report in Accountancy Age today.
The two Brits are said to have been released on bail and as yet no charges have been laid. If they are criminally prosecuted they could face 7 years in jail, plus the confiscation of all the “proceeds” of any tax “crime”, along with costs and fines. The arrests follow the receipt by HMRC, last year, of stolen data relating to the accounts of thousands of British residents. The data, allegedly stolen by an ex-employee of HSBC’s Swiss private bank, was passed to HMRC.
These arrests are the latest sign that HMRC is toughening its stance against people who have undeclared income in offshore bank accounts. However, the current tax amnesty, which covers all offshore bank accounts and not just Liechtenstein (but known confusingly as the Liechtenstein Disclosure Facility) is still available for people who want to come forward and settle their tax liabilities: on generous terms.

Worried about an offshore bank account?Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesty.